Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$28.65, the stock trades at a trailing P/E ratio of 50.2x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 21% over the past three years. Annuncio • Mar 13
Adda Corporation, Annual General Meeting, Jun 17, 2026 Adda Corporation, Annual General Meeting, Jun 17, 2026. Location: 30- floor no,38, hsin kuang rd., lingya district, kaohsiung city Taiwan Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$0.57 (vs NT$0.81 in FY 2024) Full year 2025 results: EPS: NT$0.57 (down from NT$0.81 in FY 2024). Revenue: NT$2.33b (down 5.8% from FY 2024). Net income: NT$62.8m (down 29% from FY 2024). Profit margin: 2.7% (down from 3.6% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Nov 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to NT$21.20. The fair value is estimated to be NT$26.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has declined by 40%. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.05 (vs NT$0.14 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.05 (down from NT$0.14 in 3Q 2024). Revenue: NT$573.9m (down 14% from 3Q 2024). Net income: NT$4.58m (down 70% from 3Q 2024). Profit margin: 0.8% (down from 2.3% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • Sep 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (NT$2.49b market cap, or US$82.2m). Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to NT$25.30, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 22x in the Tech industry in Taiwan. Total returns to shareholders of 4.7% over the past three years. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$0.46 (vs NT$0.29 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.46 (up from NT$0.29 in 2Q 2024). Revenue: NT$579.8m (down 9.0% from 2Q 2024). Net income: NT$50.8m (up 59% from 2Q 2024). Profit margin: 8.8% (up from 5.0% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Declared Dividend • Jul 04
Dividend reduced to NT$0.81 Dividend of NT$0.81 is 21% lower than last year. Ex-date: 17th July 2025 Payment date: 15th August 2025 Dividend yield will be 4.6%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (105% earnings payout ratio). However, it is covered by cash flows (79% cash payout ratio). The dividend has decreased over the past 76 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 16% to bring the payout ratio under control. However, EPS has declined by 15% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.02 (vs NT$0.056 in 1Q 2024) First quarter 2025 results: EPS: NT$0.02 (down from NT$0.056 in 1Q 2024). Revenue: NT$540.4m (down 1.4% from 1Q 2024). Net income: NT$2.40m (down 61% from 1Q 2024). Profit margin: 0.4% (down from 1.1% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Annuncio • May 01
Adda Corporation to Report Q1, 2025 Results on May 08, 2025 Adda Corporation announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$18.65, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 18x in the Tech industry in Taiwan. Total loss to shareholders of 17% over the past three years. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: NT$0.81 (vs NT$1.21 in FY 2023) Full year 2024 results: EPS: NT$0.81 (down from NT$1.21 in FY 2023). Revenue: NT$2.48b (up 3.4% from FY 2023). Net income: NT$88.9m (down 33% from FY 2023). Profit margin: 3.6% (down from 5.5% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Annuncio • Mar 13
Adda Corporation, Annual General Meeting, Jun 19, 2025 Adda Corporation, Annual General Meeting, Jun 19, 2025. Location: 30- floor no,38, hsin kuang rd., lingya district, kaohsiung city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.14 (vs NT$0.23 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.14 (down from NT$0.23 in 3Q 2023). Revenue: NT$669.8m (up 7.8% from 3Q 2023). Net income: NT$15.1m (down 39% from 3Q 2023). Profit margin: 2.3% (down from 4.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$33.55, the stock trades at a trailing P/E ratio of 46.2x. Average trailing P/E is 21x in the Tech industry in Taiwan. Total returns to shareholders of 81% over the past three years. New Risk • Oct 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.21b (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 7.1% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (142% payout ratio). Profit margins are more than 30% lower than last year (3.4% net profit margin). Market cap is less than US$100m (NT$3.21b market cap, or US$99.4m). Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: NT$0.29 (vs NT$0.68 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.29 (down from NT$0.68 in 2Q 2023). Revenue: NT$637.1m (up 6.4% from 2Q 2023). Net income: NT$31.9m (down 57% from 2Q 2023). Profit margin: 5.0% (down from 12% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$28.00, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 20x in the Tech industry in Taiwan. Total returns to shareholders of 31% over the past three years. New Risk • Aug 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.23b (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.4% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (92% payout ratio). Market cap is less than US$100m (NT$3.23b market cap, or US$99.1m). Annuncio • Aug 02
Adda Corporation to Report Q2, 2024 Results on Aug 09, 2024 Adda Corporation announced that they will report Q2, 2024 results on Aug 09, 2024 Buy Or Sell Opportunity • Jul 19
Now 22% undervalued Over the last 90 days, the stock has risen 4.4% to NT$34.70. The fair value is estimated to be NT$44.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 11%. Upcoming Dividend • Jul 11
Upcoming dividend of NT$1.03 per share Eligible shareholders must have bought the stock before 18 July 2024. Payment date: 16 August 2024. Payout ratio is on the higher end at 92%, however this is supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (2.8%). Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.06 (vs NT$0.15 in 1Q 2023) First quarter 2024 results: EPS: NT$0.06 (down from NT$0.15 in 1Q 2023). Revenue: NT$548.2m (down 11% from 1Q 2023). Net income: NT$6.18m (down 62% from 1Q 2023). Profit margin: 1.1% (down from 2.7% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Annuncio • May 02
Adda Corporation to Report Q1, 2024 Results on May 08, 2024 Adda Corporation announced that they will report Q1, 2024 results on May 08, 2024 Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: NT$1.21 (vs NT$2.08 in FY 2022) Full year 2023 results: EPS: NT$1.21 (down from NT$2.08 in FY 2022). Revenue: NT$2.40b (down 14% from FY 2022). Net income: NT$132.7m (down 42% from FY 2022). Profit margin: 5.5% (down from 8.2% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Annuncio • Mar 28
Adda Corporation, Annual General Meeting, Jun 19, 2024 Adda Corporation, Annual General Meeting, Jun 19, 2024. New Risk • Mar 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (121% payout ratio). Share price has been volatile over the past 3 months (5.8% average weekly change). Profit margins are more than 30% lower than last year (6.0% net profit margin). Valuation Update With 7 Day Price Move • Feb 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$40.00, the stock trades at a trailing P/E ratio of 29.1x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 84% over the past three years. New Risk • Nov 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.0% Last year net profit margin: 8.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (121% payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). Profit margins are more than 30% lower than last year (6.0% net profit margin). Reported Earnings • Aug 14
Second quarter 2023 earnings released: EPS: NT$0.68 (vs NT$0.73 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.68 (down from NT$0.73 in 2Q 2022). Revenue: NT$598.9m (down 7.5% from 2Q 2022). Net income: NT$74.5m (down 6.1% from 2Q 2022). Profit margin: 12% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$49.10, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 211% over the past three years. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$39.35, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 20x in the Tech industry in Taiwan. Total returns to shareholders of 117% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of NT$1.66 per share at 4.6% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 27 July 2023. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.9%). New Risk • Jun 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.7% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$30.85, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 98% over the past three years. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$32.15, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 142% over the past three years. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: NT$2.08 (vs NT$1.86 in FY 2021) Full year 2022 results: EPS: NT$2.08 (up from NT$1.86 in FY 2021). Revenue: NT$2.79b (up 11% from FY 2021). Net income: NT$227.8m (up 12% from FY 2021). Profit margin: 8.2% (up from 8.1% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.65 (vs NT$0.61 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.65 (up from NT$0.61 in 3Q 2021). Revenue: NT$819.3m (up 17% from 3Q 2021). Net income: NT$71.6m (up 7.8% from 3Q 2021). Profit margin: 8.7% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: NT$0.73 (vs NT$0.44 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.73 (up from NT$0.44 in 2Q 2021). Revenue: NT$647.5m (up 1.9% from 2Q 2021). Net income: NT$79.4m (up 64% from 2Q 2021). Profit margin: 12% (up from 7.6% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 05
Upcoming dividend of NT$1.60 per share Eligible shareholders must have bought the stock before 12 August 2022. Payment date: 08 September 2022. Payout ratio is on the higher end at 86%, and the cash payout ratio is above 100%. Trailing yield: 6.1%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (7.4%). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improved over the past week After last week's 18% share price gain to NT$26.40, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 65% over the past three years. Buying Opportunity • Jul 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be NT$27.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.5%. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: NT$0.38 (vs NT$0.37 in 1Q 2021) First quarter 2022 results: EPS: NT$0.38 (up from NT$0.37 in 1Q 2021). Revenue: NT$638.9m (up 17% from 1Q 2021). Net income: NT$41.3m (up 1.2% from 1Q 2021). Profit margin: 6.5% (down from 7.5% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 8% per year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS NT$0.61 (vs NT$0.53 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$699.6m (up 19% from 3Q 2020). Net income: NT$66.4m (up 14% from 3Q 2020). Profit margin: 9.5% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.44 (vs NT$0.80 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$635.6m (up 2.7% from 2Q 2020). Net income: NT$48.3m (down 45% from 2Q 2020). Profit margin: 7.6% (down from 14% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 6% per year. Upcoming Dividend • Aug 12
Upcoming dividend of NT$1.60 per share Eligible shareholders must have bought the stock before 19 August 2021. Payment date: 17 September 2021. Trailing yield: 6.3%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (5.3%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.37 (vs NT$0.21 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$545.4m (up 40% from 1Q 2020). Net income: NT$40.8m (up 77% from 1Q 2020). Profit margin: 7.5% (up from 5.9% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Mar 23
Full year 2020 earnings released: EPS NT$1.82 (vs NT$1.81 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$2.12b (down 4.5% from FY 2019). Net income: NT$199.1m (down 4.9% from FY 2019). Profit margin: 9.4% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 7% per year. Is New 90 Day High Low • Mar 16
New 90-day high: NT$27.85 The company is up 13% from a price of NT$24.55 on 16 December 2020. Underperformed the Taiwanese market, which is up 15% over the last 90 days. Price trend is similar to the Tech industry, which is also up 13% over the same period. Is New 90 Day High Low • Jan 28
New 90-day high: NT$27.45 The company is up 32% from its price of NT$20.85 on 30 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 14% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: NT$25.80 The company is up 10.0% from its price of NT$23.45 on 07 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Tech industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 12
New 90-day high: NT$25.50 The company is up 11% from its price of NT$23.00 on 11 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Tech industry, which is up 5.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.53 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$586.8m (up 7.1% from 3Q 2019). Net income: NT$58.0m (down 29% from 3Q 2019). Profit margin: 9.9% (down from 15% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.